Credit, Collections & Insolvency News
Estates management business service Phillips & Cohen Associates has reported a significant surge in its online consumer activity via its proprietary Estate-ServeSM platform during the COVID-19 pandemic. The digital, self-service platform provides has provided assistance to consumers and communities during the pandemic. Over the past two months, the business has witnessed an incredible 60.3% increase…
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Cash-strapped small businesses could be left in the dark over accessing support with their water bills during the coronavirus crisis, a consumer group has warned. CCW – the voice for water consumers – is urging business customers that have been impacted financially during the pandemic lockdown to make sure they are not missing out on…
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Debt purchaser, Arrow Global Group has announced a fall in profits in the first quarter of the year. For the three months ending 31st March, Pre-tax profit fell 43% o £9m on-year as income dropped 11% to £77.1m. Investment business collections fell to £85.1m in the first quarter from £105.5m on-year. The Group’s foremost priority…
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A majority of football clubs now face unprecedented financial distress in wake of coronavirus pandemic. Football club finances were continuing to grow in stability by March this year, with only five clubs in financial distress across the 71 clubs that make up the English Football League (EFL) since Bury FC’s expulsion in August 2019, according…
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Just, the enforcement market integrator has appointed Adam Wonnacott, to head up its technology and innovation team. Wonnacott has extensive knowledge of collections and recoveries, having previously held senior director positions at both Burlington and Marston Holdings, where he spent time as Managing Director of their subsidiary MoretonSmith. Since 2019, Wonnacott has been working with…
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New research from specialist bank Aldermore, has revealed that the Covid-19 pandemic has led to a 34% loss in business income for millions of the UK’s small to medium-sized enterprises (SMEs). Despite this, many business owners are fighting back against the impact of the outbreak on their bottom lines by reacting quickly and adjusting their…
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The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…
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Hodge Bank has announced a number of changes to its board, including the appointment of new Chairman, Graeme Hughes, who will replace Adrian Piper who retires after nearly ten years as a board member. The bank has also announced Iain Laing will join in July this year as its new chair of risk and conduct,…
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Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban. Some landlords with pre Covid-19 possession cases will find themselves trying to cover more than a year’s…
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Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…
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Debt charity StepChange has warned that its clients in Scotland were already struggling to make ends meet before Covid-19 hit. The charity’s new report, Scotland in the Red, has revealed that a quarter of Scots were showing at least one sign of financial vulnerability in 2019. The report also paints a worrying picture of how…
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Data and technology-driven debt solution provider TDX Group has launched the V+ range of services to support organisations in identifying, engaging and managing potentially vulnerable consumers. Labeled V+, the services use a range of data sources, including TDX Group’s purpose-built Financial Vulnerability Indicator score, to assess cases within a creditor’s customer base, highlighting those at risk…
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The British Retail Consortium (BRC) says that there has been a record decline in retail sales as the lockdown bite hits businesses hard. On a Total basis, sales decreased by 19.1% in April, against an increase of 2.4% in April 2019. This is the worst decline recorded since the BRC monitor began in January 1995,…
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